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The Australian dollar has rallied significantly during the course of the trading week to reach towards the 50 week EMA. At this point, the market looks as if it is trying to break out but on the daily chart, we are showing signs of hesitation.
The AUD/USD pair could drop below the 0.7400 psychological level as the Aussie loses steam and the greenback starts recovering.
The Australian dollar has rallied a bit during the trading session on Friday to reach towards the 200 day EMA yet again. By doing so, it looks as if the market is trying to run out of momentum at a major indicator.